[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4930 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4930

    To amend the Internal Revenue Code of 1986 to provide a partial 
  exclusion from gross income of gain from the sale of non-principal 
                              residences.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 24, 2010

  Mr. Heller introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to provide a partial 
  exclusion from gross income of gain from the sale of non-principal 
                              residences.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXCLUSION OF GAIN FROM SALE OF NON-PRINCIPAL RESIDENCES.

    (a) In General.--Part III of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 is amended by inserting after section 121 
the following new section:

``SEC. 121A. EXCLUSION OF GAIN FROM SALE OF NON-PRINCIPAL RESIDENCE.

    ``(a) In General.--Gross income shall not include gain from the 
sale or exchange of property if--
            ``(1) such property is acquired during the 1-year period 
        beginning on the date of the enactment of this section,
            ``(2) such property is held by the taxpayer and used as a 
        dwelling unit for a period of not less than 2 years, and
            ``(3) such property is located in a high foreclosure rate 
        area.
    ``(b) Limitation.--The amount of gain excluded from gross income 
under subsection (a) with respect to any sale or exchange shall not 
exceed $50,000 ($100,000 in the case of a joint return).
    ``(c) High Foreclosure Rate Area.--For purposes of this section, 
the term `high foreclosure rate area' means the 200 political 
subdivisions determined by the Secretary of the Treasury to have the 
highest rates of foreclosures, except that such 200 political 
subdivisions shall include at least 1 political subdivision of each 
State.
    ``(d) Application of Certain Rules.--Rules similar to the rules of 
subsections (d), (e), and (f) of section 121 shall apply for purposes 
of this section.''.
    (b) Publication of List of High Foreclosure Areas.--Not later than 
60 days after the date of the enactment of this Act, the Secretary of 
the Treasury (or the Secretary's designee) shall publish the list of 
the 200 political subdivisions determined to have the highest 
foreclosure rates under section 121A(c) of the Internal Revenue Code of 
1986, as added by this section.
    (c) Clerical Amendment.--The table of sections for part III of 
subchapter B of chapter 1 of such Code is amended by inserting after 
the time relating to section 121 the following new item:

``Sec. 121A. Exclusion of gain from sale of non-principal residence.''.
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